Download or read book Competitive Equilibrium and Trading Networks written by Ozan Candogan and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Under full substitutability of preferences, it has been shown that a competitive equilibrium exists in trading networks, and is equivalent (after a restriction to equilibrium trades) to (chain) stable outcomes. In this paper, we formulate the problem of finding an efficient outcome as a generalized submodular flow problem on a suitable network. Equivalence with seemingly weaker notions of stability follows directly from the optimality conditions, in particular the absence of improvement cycles in the flow problem. Our formulation yields strongly polynomial algorithms for finding competitive equilibria in trading networks, and testing (chain) stability.
Download or read book Competitive Equilibrium and Trading Networks written by Ozan Candogan and published by . This book was released on 2019 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under full substitutability of preferences, it is known that a competitive equilibrium exists in trading networks, and is equivalent to (chain) stable outcomes. In this paper, we formulate the problem of finding an efficient outcome as a generalized submodular flow problem on a suitable network. Existence of a competitive equilibrium and its equivalence with the seemingly weaker notion of stability follow directly from the optimality conditions of the flow problem. Our formulation enables us to perform comparative statics with respect to the number of buyers, sellers, and trades. In particular, we establish that if a new buyer is added to the economy, at an equilibrium the prices of all existing trades increase. In addition we give a polynomial time algorithm for finding competitive equilibria in trading networks and testing (chain) stability.
Download or read book Chain Stability in Trading Networks written by John William Hatfield and published by . This book was released on 2018 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that in general trading networks with bilateral contracts, a suitably adapted chain stability concept (Ostrovsky, 2008) is equivalent to stability (Hatfield and Kominers, 2012; Hatfield et al., 2013) if all agents' preferences are fully substitutable and satisfy the Laws of Aggregate Supply and Demand. Furthermore, in the special case of trading networks with transferable utility, an outcome is consistent with competitive equilibrium if and only if it is not blocked by any chain of contracts.
Download or read book Trading Networks and Endogenous Trade Regimes in Applied General Equilibrium Modelling written by Chris Elbers and published by . This book was released on 1993 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Networks Crowds and Markets written by David Easley and published by Cambridge University Press. This book was released on 2010-07-19 with total page 745 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.
Download or read book Trading Networks and Equilibrium Intermediation written by Maciej H. Kotowski and published by . This book was released on 2019 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study an economy where intermediaries facilitate exchange between a supplier and consumers. The set of feasible transactions is characterized by a network and an efficient auction protocol sets prices. We examine trading networks compatible with a free-entry equilibrium. There is under-entry of intermediary traders in equilibrium due to complementarities among upstream and downstream traders. When intermediaries are speculators, who derive no private value from the tradable good, equilibrium networks exhibit an asymmetric structure with few intermediaries linking to the supplier. Generally, free-entry and competition may fail to purge redundant intermediaries from the market.
Download or read book Competitive Equilibrium in a Market with Decentralized Trade and Strategic Behaviour written by Ariel Rubinstein and published by . This book was released on 1986 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Networks of International Trade and Investment written by Sara Gorgoni and published by Vernon Press. This book was released on 2018-03-30 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the international economy has witnessed fundamental changes in the way manufacturing is organised: products are no longer manufactured in their entirety in a single location. Instead, the production process is often split across a number of stages located in countries that are frequently far apart from each other. By spreading out their manufacturing and supply chain activities globally through international investment and intra-firm trade, Multinational enterprises (MNEs) play a focal role in this reorganisation of production. Our ability to understand the global economy, therefore, requires an understanding of the interdependencies between the entities involved in such fragmented production. Traditional methods and statistical approaches are insufficient to address this challenge. Instead, an approach is required that allows us to account for these interdependencies. The most promising approach so far is network analysis. ‘Networks of International Trade and Investment’ makes a case for the use of network analysis alongside existing techniques in order to investigate pressing issues in international business and economics. The authors put forward a range of well-informed studies that examine compelling topics such as the role of emerging economies in global trade and the evolution of world trade patterns. They look at how network analysis, as both an approach and a methodology, can explain international business and economics phenomena, in particular, in relation to international trade and investment. Providing a comprehensive but accessible explanation of the applications of network analysis and some of the most recent methodological advances in its field, this edited volume is an important contribution to research in international trade and investment.
Download or read book Trading Networks with Frictions written by Tamás Fleiner and published by . This book was released on 2018 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When contracts are fully substitutable for firms, competitive equilibria exist and coincide with outcomes that satisfy a cooperative stability property called trail stability. In the presence of frictions, competitive equilibria might be neither stable nor (constrained) Pareto-efficient. In the absence of frictions, on the other hand, competitive equilibria are stable and in the core, even if utility is imperfectly transferable.
Download or read book Computable General Equilibrium written by Ashraf Mishrif and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Gross Substitutes and Complements written by Alexander Teytelboym and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the gross substitutes and complements (GSC) framework of Sun and Yang (2006) to a more general substitutes and complements structure. We show that competitive equilibrium with indivisible goods exists under significantly weaker, easily checkable, and interpretable conditions. We show that the dynamic double-track procedure developed by Sun and Yang (2008, 2009) can be extended to find the competitive equilibrium outcome. We also apply these insights to trading networks.
Download or read book Introduction to Computable General Equilibrium Models written by Mary E. Burfisher and published by Cambridge University Press. This book was released on 2016 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Download or read book Trade Networks and Hierarchies written by Geoffrey J.D. Hewings and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1989, after several years of discussion and negotiation, the Regional Econornics Applications Laboratory (REAL) was formed. This unique relationship between the Federal Reserve Bank of Chicago and the University of Illinois at Urbana-Champaign has been a significant source of intellectual inspiration for many students, visiting colleagues and members of the participating institutions for the past decade. The idea for REAL was hatched by Philip Israilevich and Geoffrey Hewings in typical Chicago style - in the back room of a local bar. In early December 1997, their collaboration came to an untimely end when Philip died after a three-year battle with cancer. The challenge of moving across a spectrum from theory to model development to implementation and interpretation provided the underlying motivation for REAL's formation together with an equally important component, namely the translation of many of these efforts into a form that could be understood and implemented by policy makers. For Philip, REAL and the Regional Science Association International provided the forums for his intellectual endeavors, although he also contributed many papers in banking. In recognition of his contributions and to provide a sense of the current research in the fields in which he published, many of the authors of these chapters assembled in Chicago in November, 1998 to participate in a small seminar in his honor. Several others who were not able to come nevertheless contributed chapters to this volume. Subsequently, all of the papers have been revised and updated.
Download or read book Market Microstructure Theory written by Maureen O'Hara and published by John Wiley & Sons. This book was released on 1998-03-06 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.
Download or read book The Oxford Handbook of the Economics of Networks written by Yann Bramoullé and published by Oxford University Press. This book was released on 2016-03-01 with total page 857 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Economics of Networks represents the frontier of research into how and why networks they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the contributors to this volume devote attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between linking and behavior is synthesized. A number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information and disease, and learning. There are also chapters devoted to financial contagion and systemic risk, motivated in part by the recent financial crises. Another section discusses communities, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. Contributions discuss as well the role of networks for organizations. On the one hand, one chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the authors discuss the internet as a network with attention to the issue of net neutrality.
Download or read book Developments on Experimental Economics written by Sobei H. Oda and published by Springer Science & Business Media. This book was released on 2007-07-21 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume on experimental economics offers both new research grounds and a bird’s eye view on the field. In the first part, leading experimental economists, among them Vernon S. Smith and Daniel Friedman, give inspiring insights into their view on the general development of this field. In the second part, selected short papers by researchers from various disciplines present new ideas and concepts to solving problems in the real world.
Download or read book EUC 2004 written by Laurence T. Yang and published by Springer Science & Business Media. This book was released on 2004-08-18 with total page 1135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the International Conference on Embedded and Ubiquitous Computing, EUC 2004, held in Aizu-Wakamatsu City, Japan, in August 2004. The 104 revised full papers presented were carefully reviewed and selected from more than 260 submissions. The papers are organized in topical sections on embedded hardware and software; real-time systems; power-aware computing; hardware/software codesign and systems-on-chip; mobile computing; wireless communication; multimedia and pervasive computing; agent technology and distributed computing, network protocols, security, and fault-tolerance; and middleware and peer-to-peer computing.
